Fri, Jun 14, 8:20 PM (129 days ago)
Chilean Cobalt Corp. (COBA) reported a net loss of $263,176 for the quarter ended March 31, 2024, an improvement from the $335,687 loss in the same period in 2023. The reduction in loss was primarily due to lower non-cash option compensation expenses and contractor fees. The company had no revenues for both periods. Operating expenses decreased to $270,130 from $335,814, driven by reduced stock-based compensation and contractor fees. As of March 31, 2024, the company had $632,177 in cash, down from $799,871 at the end of 2023. Total current assets were $682,996, and total liabilities were $72,580, resulting in a working capital of $610,416. The company’s cash flow from operating activities improved, with a net outflow of $165,001 compared to $243,221 in the prior year. The company's financial condition raises substantial doubt about its ability to continue as a going concern without additional financing. Management is seeking to raise funds through private placements and potential debt financing to support ongoing operations and exploration activities. The company’s future operations depend on securing this financing to advance its mining projects and achieve revenue generation.